Dr Reddy’s joins global initiative to reduce carbon emissions
Hyderabad firm becomes the first Indian and the third Asian pharmaceutical company to have set its Science-Based Targets to further minimise environmental impact
Hyderabad: Hyderabad-based pharmaceutical company Dr Reddy’s Laboratories has joined the Science Based Targets initiative (SBTi), becoming the first Indian and the third Asian pharmaceutical company to have set its Science-Based Targets to further minimise environmental impact.
The company has committed to reduce Scope 1 and 2 greenhouse gas (GHG) emissions by 55 per cent by 2030 from a FY 2017-18 base year, which is in line with the latest climate science of limiting global warming to below 1.5°C above pre-industrial levels.
Scope 1 covers direct emissions from owned or controlled sources while Scope 2 covers indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the company.
G V Prasad, co-chairman and managing director, Dr Reddy’s Laboratories, said, “Continuous improvement in our environmental performance is a notable aspect of our sustainability journey.”
As of FY 2019-20, Dr Reddy’s has reduced its Scope 1 emissions by 8.6 per cent and Scope 2 emissions by 20.7 per cent over the baseline of FY 2017-18. The combined Scope 1 and 2 emissions have been reduced by 13 per cent over the same base year, putting it on a fast track to achieving GHG reduction targets.
SBTi, a joint initiative of Carbon Disclosure Project (CDP), United Nations Global Compact (UNGC), World Resources Institutes (WRI) and World Wide Fund (WWF), provides companies with a clearly defined pathway to future-proof growth by specifying how much and how quickly they need to reduce their greenhouse gas emissions to limit global warming to well-below 2°C above pre-industrial levels.
As of now, 472 companies have set their targets as per SBTi. In the pharmaceutical and biotech sector globally, 17 companies have set their emission reduction targets affirming their pledge to mitigate climate change impacts.
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